PRES

The newly inaugurated board of Nigeria’s state oil firm, NNPC Limited, says it is open to all options regarding the future of the country's refineries, including potential asset sales.

OOV

Board chairman Ahmadu Musa Kida told journalists at the Presidential Villa that the company would remain transparent and honest in its dealings, adding that difficult decisions would not be avoided. He said the board would consider “all options” in restoring the refineries and repositioning the firm.

Group CEO Bayo Ojulari said preliminary inspections had been carried out on two refineries, with a third scheduled in the coming weeks. He noted that transforming NNPC into a fully commercial limited liability company under the Companies and Allied Matters Act would take time possibly up to five years and urged public support through the transition.

He added that while an initial public offering remains part of the long-term vision, it would take at least another two years of hard work before the company can realistically claim progress towards that goal.

President Bola Tinubu had earlier sworn in the 11-member board, which pledged to prioritise key investments and deliver on performance targets as it assumes full operational control of the company.